Jurrien Timmer, director of global macro at Fidelity Investments, believes that Bitcoin (BTC) has hit a rock bottom as the numero uno crypto continues to trade above $40,000 for almost a day.
Through a tweet, the director of global macro at US multinational financial services corporation, stated that the chances of Bitcoin hitting a new low is slim.
The BTC/USD pair continued to trade above the crucial $40,000 level on Monday. However, Bitcoin did not meet the expectation of traders looking for a level of $47,000.
Despite the slow uptrend, the mood has become slightly bullish against the backdrop of another positive statement from popular crypto advocates such as Tesla CEO Elon Musk and Paul Tudor Jones.
For Timmer, it is time to look at next resistance level rather than support, while studying Bitcoin’s next stop.
He wrote: “In my view, it looks like the bottom is in.”
By uploading a BTC/USD chart and comparing it with the GS Retail favorites basket, Timmer highlighted comparable short-term bottom pattern formations. Of late, Fidelity has turned proactive in Bitcoin related activities, rolling out a focused analytics solution and also submitting interest to set up an exchange-traded fund (ETF).
The US regulators have started looking at the applications in late May. In the meantime, Crypto Fear & Greed Index – another sentiment indicator, which reflects the mood of traders, has also reached 40 mirroring overall bullish mood.
In my view, it looks like the bottom is in. pic.twitter.com/16Eg8aHxNo
— Jurrien Timmer (@TimmerFidelity) June 14, 2021
After recording its low in over a year in the past week, Fear & Greed index has reversed to 38/100, almost near the neutral territory. The Index utilizes a bouquet of sentiment measures to decide whether traders are extremely bullish or bearish at a particular price level, and hence whether tokens remain oversold or on track for a sell off.
